Wayne, Pennsylvania-based Radian Group Inc. (NYSE: RDN) announced that Radian Guaranty has issued a line of credit of up to $1 million to the Philadelphia Accelerator Fund (PAF), a Community Development Financial Institution (CDFI) that supports the development of affordable housing across Philadelphia.
During 2023-2024, PAF used its loan capital to fund nine transactions totaling $6.3 million, which supported $56 million in total development costs. These investments will finance 163 new units of housing, of which 129 will be deed restricted as affordable to households earning at or below 80% of the Area Median Income.
“Like many communities across the country, Philadelphia is facing a housing shortage that has eroded affordability, exacerbated inequities, and made life more challenging for far too many families,” said Radian CEO Rick Thornberry. “We are excited to be part of Philadelphia Accelerator Fund’s forward-thinking approach to improving access to affordable housing and building stronger communities.”
PAF’s revolving loan fund is primarily funded by private capital and supported by a loan loss reserve backed by the City of Philadelphia and the Philadelphia Redevelopment Authority.
“We are thrilled with this new investment and grateful to Radian for its vote of confidence in Philadelphia Accelerator Fund,” said PAF’s Executive Director David Langlieb. “Radian continues to be a leader in recognizing the need for quality affordable housing development in Philadelphia and we look forward to deploying this capital to help address that need.”
